Premium Ceasing Age : 75  Premium Ceasing Term : 5

Plan Highlights

Features

LIC’s Jeevan Nidhi Plan is a with-profits plan which provides for death cover during the deferment period and on survival to the date of vesting, the maturity proceeds are compulsorily to be used for purchase of annuity.

Benefits :

Benefit On Vesting :

Provided the policy is in full force, Sum Assured under the Basic Plan along with accrued Guaranteed Additions, vested Simple Reversionary Bonuses and Terminal Bonus, if any, will compulsorily be converted into annuity. There is an option to commute up to 1/3rd of Sum Assured under the Basic Plan together with accrued Guaranteed Additions and Bonuses. If commutation is exercised then the annuity is payable for the balanced amount.

Benefit on death before annuity vests :

On death of the Life Assured during the deferment period of the policy an amount equal to the Sum Assured under the Basic Plan along with accrued Guaranteed Additions, vested Simple Reversionary Bonuses and Terminal Bonus, if any, shall be payable in a lump sum to the appointed nominee provided the policy is in full force.

Annuity Options :

On vesting Life Assured shall have an option to purchase annuity from Life Insurance Corporation of India in Jeevan Nidhi or from any other Life Insurance Company. If the Life Assured desires to purchase the annuity from other company, he/she shall be required to inform the same to Life Insurance Corporation of India in writing three months before the date of vesting. If purchased from LIC, then the type of annuity and annuity rate will be that applicable at the time of vesting.

IT Rebate :

As per present tax provisions, the premiums under the plan shall be allowed for rebate under Section 80CCC of the IT Act, 1961.

Guaranteed Additions :

Provided the policy is in full force, Guaranteed Additions @ Rs.50/- per thousand Sum Assured will be added to the Sum Assured under the Basic Plan at the end of each policy year, for the first five years.

Loans : No loans will be available to the policyholders under this plan.

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Premium Ceasing Age : 79 Premium Ceasing Term : 0

Plan Highlights

Features

LIC’s Jeevan Suraksha-1  is a with profit personal pension plan suitable for everyone who wants to provide regular financial security for their family. The Plan is most suitable for employees, businessmen and retired persons.

Special Features

Paid Benefits:

If, after at least two full years premiums are paid in respect of this policy, any subsequent premium be not duly paid, the policy shall not be wholly void, but the amount of Notional Cash Option shall be reduced to such a sum as shall bear same ratio to the original, as the number of premiums actually paid shall bear to the total number of premiums originally stipulated for in the policy.

The policy so reduced will thereafter be free from all liabilities for payment of the within mentioned premiums but shall not be entitled to participate in future profits. The existing vested bonus additions will be attached to the reduced paid up policy and this will determine the reduced annuity payable on vesting. The option of commutation of 25% pension will also be available on the vesting age.

If however the annuity payable is less than the minimum of Rs. 250/-, the Corporation will have the right to change the mode of payment of annuity to yearly, half-yearly or quarterly or to pay a lump sum subject to deduction of tax if any, at source as per the prevailing taxation rules. In the event of non-payment of the premiums within the days of grace the life cover will cease.

During Deferment:

A term rider option will be available. On the death of the policyholder who has opted for the term Assurance rider ( provided the policy is in-force), the Term Assurance Sum Assured along with all premiums ( excluding term Assurance premium and extra premium if any ) paid up to the date of death accumulated at the rate of 5% p.a. compounding or at such rates as decided by the Corporation from time to time will be paid to the nominee. When the policy is not in-force, only return of premiums with interest as stated above will be available.

For those not opting for the Term Assurance Rider, in respect of policies which are in-force or in a paid up condition, all premium accumulated at 5% p.a. compounding or at such rates as decided by the Corporation from time to time, will be paid to the nominee. Term Rider Option will be available only on the Annual Premium Plan.

The following options are available for the annuitant to receive pension. Annuitants may exercise one of the following options atleast 6 months before the date of vesting.

• Pension for life
• Pension guaranteed for 5,10,15,20 years and life thereafter.
• Joint and last survivor annuity to the annuitant and his/her spouse under which pension payable to the spouse on death of the purchaser will be 50 percent of that payable to the pensioner.
• Pension for life with return of purchase price.
• Pension for life with pension increasing at a simple rate of 3 percent per annum.·

Special Surrender Value:

For annual premium policies, special surrender value is given after two years from the date of commencement and during deferment period, if atleast two years full premiums have been paid.

For Single premium policies, special surrender value is given one year after the date of commencement and during deferment period.

Benefits

Benefits after vesting /at maturity:

The Notional Cash Option together with Reversionary Bonuses and Final additonal bonuses if any, will be compulsorily converted into annuity. The annuitant/policyholder can commute 25 percent of the annuity purchase price and receive a lumpsum and balance amount will be converted into annuity. A rebate of 3 percent will be available on the purchase price of the annuity current at the vesting date/maturity.

Contact us for the best Retirement Planning & for choosing the best Annuity Options when Pension Starts.

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Product summary:
In LIC’s New Jeevan Dhara-1, These are Deferred Annuity plans that allow the policyholder to make provision for
regular income after the selected term.
Premiums:
Premiums are payable yearly, half-yearly, quarterly, monthly or through Salary
deduction, as opted by you, throughout the term of the policy or till earlier death.
Alternatively, the premium may be paid in one lump sum (single premium).
Tax Benefits:
Tax relief under Section 80ccc is available on premiums paid under New Jeevan
Suraksha I (Table No.147). The premiums paid under New Jeevan Dhara I (Table
No.148) qualify for tax relief under Section 88.
Bonuses:
These are with-profit plans and participate in the profits of the Corporation’s annuity /
pension business. Policies get a share of the profits in the form of bonuses. Simple
Reversionary Bonuses are declared per thousand Sum Assured annually at the end of
each financial year. Once declared, they form part of the guaranteed benefits of the plan.
Final (Additional) Bonuses may also be payable provided policy has run for a certain
minimum period.

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Find here Our Most Popular Policies Features/ Benefits:

• New LIC Pension Plus
• LIC’s New Jeevan Suraksha-1
• LIC’s New Jeevan Dhara 1
• LIC’s Jeevan Akshay – VI

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